TT Profession

FRS116 is started to compute from 1 Jan 2019 with remaining lease term more than 12 months take into account of option to renew.

For trade receivable, we apply simplified approach to estimate the ECL rate. We would know the total doubtful debts for the total sales...

The present value of the lease liabilities is the remaining operating lease payments and discounted to present value to date of initial...

When we know there is an error of material misstate of a particular assertion, such as cut off in revenue, we should design a procedure...

It is effective from 1 Jan 2019 for lease with initial period more than 12 months and not low value item. It has to take into account...

Cash foreign currency kept by money changer for money changing business is cash on hand for sales of foreign currencies. They are cash...

The cost of inventories shall include material, cost of conversion and freight inwards cost. Cost of conversion include depreciation,...

Significant influence is the power to participate in the financial and operating policy decision of the investee. Per FRS28, a 20%...

FRS116 Leases requires lease to discount at incremental borrowing cost rate. The rate should be in similar terms of a similar...

A company remain dormant since incorporation and throughout the period is not require to be audited whether it is PIE or not. And a small...

ECL can be assessed individually or collectively. Simplified approach is at apply life time ECL on trade receivables. But it can also...

When a company with associate but without subsidiary, the company still equity account for the associate even though we don’t call it...

We are required to apply simplified approach to measure the expected credit loss on lifetime basis. It can be estimated based on...

For SME and owner managed, it is quite common for director to waive his own salary in order to improve the performance. When the...

key man insurance is a type of financial assets. If it has to pay a lump sum, with bonus return over the life of the insurance. The...

In ICO, it is common for certain coin issue to development team as incentives. As coin is not equity instruments, the coin issued is not...

Cryptocurrency is kept in a wallet with a unique address. It is available to track in the public avail explorer. All the transactions...

Business valuation is to give you an idea on how much should you sell your business. But most of the owners do not see the value behind. ...

It is requirement under SFRS109. Trade receivable to apply simplified approach by using provisional matrix to compute the expected credit...

Opportunity will come sooner or late. You have to be patient. But when opportunity come, you should brace enough to grab it, don’t...